All posts tagged Thailand

Between now and 2017, Thailand’s Charoen Pokphand Foods PCL intends to spend more than US$2.4 billion on expanding its offshore businesses. The group’s General Manager for Australia, New Zealand & Pacific Islands, Richard Lovell, talked to Deal Journal Australia about the company’s plans Down Under, and how his division hopes to contribute to overall group performance. CP Foods has guided to annual revenue of between US$11.4 billion and US$11.7 billion for the year ended December 31.

WSJ: Why did CP Foods decide to open an office in Australia?

Richard Lovell: Our Melbourne opened in March 2012 after almost three years of planning. We’re extremely interested in this market because there are so many opportunities for growth. We are focused on exporting products out of Australia but we also import seafood. A couple of years ago, we were Australia’s largest-single customer for wheat, a key component of our operations given we’re the world’s largest animal feed company. I am sure we are still a large buyer although not certain on whether we still rank as No.1.

Thailand-focused Carnarvon Petroleum Ltd. is seeking to raise up to 15 million Australian dollars (US$15.4 million), according to a term sheet seen by Deal Journal Australia.

The equity issue will be conducted at 8.2 cents a share, representing a 14.6% discount to the oil and natural gas explorer’s last traded price of 9.6 cents.

Proceeds will be used to fund the company’s exploration and development program, which includes 12 new wells, 15 work-overs, fracture network studies and water flooding studies at its acreage in Thailand’s Phetchabun basin.

Macquarie Group may have delivered news of a 25% full-year profit downgrade earlier this month, but the group is making inroads in Asia and the Americas, regions that collectively contributed 42% of the group’s operating income in the first half to Sept. 30.

Macquarie Group has signed an Exclusive Strategic Alliance (ESA) with a diversified banking group in Thailand, Kasikornbankgroup (KGroup). The partnership includes investment banking services such as inbound and outbound M&A as well as equity capital markets transactions. In securities, the agreement provides for exclusive cooperation in institutional equity sales, co-branded research to local clients and brokerage services.

PTT Exploration & Production’s reputation in Australia may have been damaged by the 2009 Montara oil spill, but that isn’t proving an obstacle to the Thai company in its pursuit of a foothold in the gas-export industry down under.

PTTEP Chief Executive Anon Sirisaengtaksin says the company hopes to conclude a deal to acquire a stake in an Australian liquefied natural gas, or LNG, project by the end of June.

MSF shareholders have been told to sit tight because they could be in for a sweet treat. Industry sources and brokers believe the 313 million Australian dollar (US$316 million) bid made for the nation’s third largest milling company by Thailand’s Mitr Phol will not be the last.

Bloomberg

Offshore interest in Australian sugar assets escalates

Because it’s one of the remaining sugar assets left of size in Australia, both RBS Morgans analyst Belinda Moore and E.L. & C. Baillieu’s Simon Dumaresq suggest shareholders should hang on for a potentially higher offer.

Mr. Dumaresq has a price target of A$5.02 on the stock, representing 12.8% upside to the current A$4.45 Mitr Pohl offer which the MSF board of directors have recommended, subject to no superior bids. The fact Mitr Phol already owns a 22% stake could mean they step up their game, if necessary.

Also in sugar on Wednesday, Wilmar International’s Sucrogen unit said it reached an agreement with the administrator of Proserpine Cooperative Sugar Milling Association to buy the company for a ‘headline’ price of A$120 million. Wilmar bought Sucrogen — Australia’s largest sugar miller–from CSR for A$1.75 billion last December. In July, COFCO completed a A$136 million takeover of unlisted Tully Sugar, in the process beating off competing bids from Bunge and another backed by Louis Dreyfus Commodities.

About Deal Journal Australia

Deal Journal Australia is an up-to-the-minute take on the deals and deal makers that shape the Australian landscape, including mergers and acquisitions, capital raisings, private equity and debt markets. In short, wherever money changes hands. Deal Journal Australia is updated throughout each trading day with exclusive commentary, analysis, data, news flashes and profiles. The Wall Street Journal’s Gillian Tan is the lead writer, with contributions from other Journal and Dow Jones reporters and editors. Send news items, comments and questions to gillian.tan@wsj.com.

Loading, please wait...

Fins.com has moved

Welcome to eFinancialCareers, the number one career site for financial services.

FINS has become a part of DHI in order to improve your job search experience. eFinancialCareers will provide you with the best possible service, the best job opportunities and editorial content and the best talent. With our long track record of helping finance professionals develop their career, from graduating to landing top positions in the industry, we will continue to deliver.